Tata Power scraps deal to acquire IEPL’s power project

TPCL has terminated the share purchase agreement (SPA) with Ideal Energy Projects Limited (IEPL) for the acquisition of 100 per cent stake in the latter’s 270 MW coal-based power project (extendable to 540 MW) in Maharashtra. An agreement signed between TPCL and IEPL in December 2014 was supposed to be fulfilled, subject to certain conditions. TPCL has cited non-fulfilment of the precedent conditions for the termination of the agreement.